Total UK credit card balances up again as borrowers continue to make the most of 0% balance transfers

The latest figures from UK Finance (formerly the British Bankers Association) show that total UK credit card balances stood at £64.3 billion as at June 2017.

That’s an increase of £1.12 billion in the last month and more than £2 billion in the last quarter.

Activity in the balance transfer sector of the market shows no signs of slowing down with a further 594,000 transfers totalling £1.31 billion taking place in June alone. That makes the average balance transfer £2213.

If you are looking to switch your existing balance to a new card it’s probably best to act sooner rather than later as lenders are already tightening criteria and shortening the length of their interest free offers.